This time state attorney’s general are asking HSBC Finance for something other than evidence of predatory lending. They are asking for help. What will be the result if requests are ignored? History shows that HSBC Finance was Household International, which was purchased by HSBC in 2003. Prior to that Household was […]
How bad are foreclosures at HSBC Finance? I thought people were getting a lot of phone calls, judging by the reports and complaints we receive. Some idiots, like NovaStar, were calling home owners early in the month, even before the payments were due. I thought these subprime lenders were checking to see […]
We saw this on September 16th: “Investment banks must move quickly to strengthen their balance sheets and address their lack of funding if they are to come out of the current financial crisis unscathed, a senior banker at HSBC has warned.” A warning from HSBC? Acting like a global authority HSBC fails […]
Rep. Brad Miller, who—along with a handful of other Democrats—is urging the mortgage industry to delay certain foreclosures until the FHA’s “Help for Homeowners” gets going. The program is a key component of the new housing legislation and is intended to help struggling barrowers stay in their homes. Brad Miller contacted HSBC Finance. […]
“Even though my account is and has been in good standing — and I also pay $241.72 extra payment on top of my mortage due amount every month since I’ve had this account — HSBC charged a late fee of $143.91. This is for a standard, conventional, 30 year fixed mortgage. We surveyed […]
The following information pertains to the right to recind an agreement between HSBC and a customer. It is quite lengthy, but very interesting. The information comes from the FTC and OCC, respectively, according to the submitter. Case law is included:
I. TILA & Res Judicata
(Analogous to Mr. Curtis xxxxxx , […]
How was the subprime crisis facilitated by lack of regulatory action? This report speaks to the situation quite loudly:
A federal appeals court on Tuesday upheld a lower court’s 2005 decision that barred the New York attorney general’s office from subpoenaing documents and instituting enforcement actions against national banks as part of an investigation into […]
Consider the direction taken by Wells Fargo which insulated Wells from the current subprime mess. Now consider the position of HSBC Plc, and specifically HSBC Finance. Consider, if you will, the people facing uncertainty and rumors of layoffs. HSBC Plc failed the employees of HSBC Finance and former Household International employees. […]
As the subprime market declines and loan losses mount, third parrty mortgage brokers are having a tough time of it. Like many realtors, mortgage brokers are unemployed but don’t know it yet. Fired by companies that once funded them, mortgage brokers are casualties of risk management. Lenders like HSBC and Wells Fargo […]
Pretty soon HSBC Finance and HSBC USA may be stuck with all the subprime business. Wells Fargo is closing its subprime business. This means it may be even harder for HSBC to find a buyer for its subprime and consumer lending operations unless they sell to an overseas investor who can benefit from […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
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